• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Crypto Bitcoin BTC BTCUSD
Nexo Logo

CPI Print Pushes Crypto Into Red Zone, Here Are 2 Potential Scenarios

Reynaldo Marquez by Reynaldo Marquez
2 months ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

The crypto market is retesting critical support areas as the U.S. Consumer Price Index (CPI) print surpasses expectations. The metric is used to measure inflation in the U.S. dollar, and it recorded an 8.6% increase year-over-year (YoY), the highest since 1981.

Related Reading | TA: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive

This could turn the U.S. Federal Reserve (FED) more aggressive in its attempts to stop inflation. The financial institution began tightening its monetary policy which has translated into a reduction in global liquidity, and negative performance for risk-on assets, such as Bitcoin.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The price of Bitcoin is back at $29,400 with a 3% and 3.5% loss in the last 24-hours and 7-days, respectively. The cryptocurrency made several attempts at returning to previous highs, but market conditions have contributed to an increase in selling pressure.

Bitcoin BTC BTCUSD
BTC trends to the downside after the U.S. CPI print on the 4-hour chart. Source: BTCUSD Tradingview

A pseudonym trader presented two potential scenarios for Bitcoin in the coming months. The trader claims the market seems to have two targets in mind for the price of the number one crypto: either more downside to $20,000 or a push upwards to $40,000.

As seen below, this trader believes Bitcoin could drop to $25,000 before returning to its current levels. This scenario contemplates Bitcoin forming a new range between its yearly lows and the low $30,000.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The number one cryptocurrency, and the crypto market cap, might seem some relief later this year. However, rising inflation with a hawkish FED cast a long shadow over the bulls.

Bitcoin BTC BTCUSD
Source: DaanCrypto via Twitter

The second scenario contemplates a longer BTC price range, but with less volatility. The trader said the following about these potential scenarios:

These scenario’s would make for a painful and slow crab market throughout the summer. The space would end up feeling dead and empty. Right in time for some positive changes in terms of the macro landscape later on which could be the bullish catalyst for a breakout.

Bitcoin BTC BTCUSD
Source: DaanCrypto via Twitter

Can Bitcoin And Crypto See New Highs In 2022?

As inflation in the U.S. seems to spiral out of control, the U.S FED will continue to tighten by reducing their balance sheets and increasing interest rates.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Consequently, the crypto market could experience steeper losses. Over the past months, as macro-economic uncertainty rises, Bitcoin dominance followed with an upward trend.

As NewsBTC reported, this metric stood north of 40% in the past 7-days but could return to its 2020 levels. At the time, Bitcoin alone formed above 60% of the total crypto market capitalization.

If the economic narrative turns its attention from reducing inflation to stopping a potential global recession, Bitcoin and the crypto market could see some relief. This scenario seems likely to play out by the end of the year.

Related Reading | TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle

In any case, new highs seem unlikely for the crypto market. However, market participants should keep an eye out for a shift in narratives as they could signal potential bullish momentum.

Tags: bitcoinbtcbtcusdcrypto
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

XRP

XRP Sluggish At Resistance – Will It Break Out After 2 Months Of Vertigo?

36 mins ago
Challenging Tiffany & Co. and What Could be the Most Expensive Public Sale in NFT History

Challenging Tiffany & Co. and What Could be the Most Expensive Public Sale in NFT History

2 hours ago
Bitcoin price

Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

3 hours ago
Shiba Inu price

Shiba Inu Price Forms Cup And Handle Pattern, What Does This Mean?

6 hours ago
ethereum

Ethereum Hits New Milestone, Investors Accumulate Ahead Of Merge

8 hours ago
Ethereum Rejects $2k, Retest Of $1,800 Imminent

Ethereum Rejects $2k, Retest Of $1,800 Imminent

8 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Nukplan (NKPL) Is Now Available for Trading on LBank Exchange

August 16, 2022

Blockchain ACGN Game NEO FANTASY, Rising Star Of Gamefi!

August 16, 2022

Tigon Mobile P2E Game Bless Global Pre-Registration Begins — “Expanding the P2E Ecosystem”

August 15, 2022

Revolutux, Solana, and Chainlink: Why the cryptocurrency market is optimistic about these names

August 15, 2022

The new Polygon Web3 platform, FrontFanz, signs over 100 more creators to join their platform

August 15, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.